A growing number of UAE-based companies are taking steps to ease the financial pressure on their customers following the outbreak of COVID-19.
Wasl Asset Management is the latest entity to announce a series of measures to support its individual and corporate customers.
The steps include deferral of lease payments for commercial and residential units by three to six months.
Payment delay fines and other penalties will be waived on a case by case basis.
Tenants of industrial and investment land plots, as well as sub-lease allowances will also benefit from the decision.
The measures are in response to the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on extending assistance to all segments of society in dealing with the challenges posed by the current situation.
"Overcoming the current situation requires strong collaboration between various stakeholders and a commitment to supporting the initiatives launched by Dubai," said Hesham Al Qassim, CEO of wasl Asset Management.
The company manages a portfolio of 47,000 residential and retail units as well as 5,500 industrial land plots across Dubai.
Its operations span various sectors: residential and commercial properties to industrial plots of land, and from leisure and entertainment to hotels and serviced apartments.